Minim-Martap bauxite project faces shareholder battle in Australia and funding halt in Cameroon

The ambitious Minim-Martap bauxite project is currently caught in a double bind, facing a fierce shareholder battle in Australia and a critical halt in funding from Cameroon.

In Australia, the takeover bid by Dubai-based A2MP Investments for Canyon Resources, the parent company of Camalco which holds the Minim-Martap bauxite deposit, has escalated into a legal dispute. A minority shareholder, Jeremy Raper, has lodged a complaint with the Australian Takeovers Panel, challenging A2MP's offer. Raper alleges that A2MP has disseminated misleading information regarding the project's viability and is attempting to force a sale. He specifically seeks confirmation of A2MP's guarantee for the AFG Bank Cameroon financing.

This funding is crucial, as Canyon Resources announced on August 24 that AFG Bank has suspended all new disbursements on its 82 billion FCFA loan facility. The bank requires a review of the project's timeline, financial model, and a site visit within 30 days. This suspension has direct consequences, as Camalco can no longer meet its initial export target planned for the end of 2026. The project has already drawn $75 million of the $140 million facility as of July 31.